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Accounting Policies of Integrated Financial Services Ltd. Company

Mar 31, 2015

1.1 Method of Accounting

The financial statements have been prepared with Generally Accepted Accounting Principles as well as the requirements of the Companies Act 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the ministry of Corporate Affairs, in respect of Section 133 of the Companies Act 2013. The accounts have been prepared under the historic convention and accrual basis.

1.2.1 Incomes

(1) All Incomes are accounted on accrual basis.

(2) Dividend declared within the close of the Accounting year is accounted for in respect of the shares and securities held by the company.

1.2.2 All expenses are accounted on accrual basis.

1.3.1 Depreciation

Depreciation on fixed assets has been charged on Written down Value method at the rates prescribed in Schedule II to the Companies Act, 2013.

1.4 Fixed Assets

The fixed assets at stated at cost of their acquisition less depreciation.

1.5 Taxes on Income

Current Tax is the amount of tax on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax Liability/Asset is recognized subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and/or capable of reversal in one or more subsequent periods.

1.6 Foreign Currency Transactions NIL


Mar 31, 2014

1.1 Method of Accounting

The financial statements have been prepared with Generally Accepted Accounting Principles as well as the requirements of the Companies Act 1956 read with General Circular 15/2013 dated 13th September 2013, issued by the ministry of Corporate Affairs, in respect of Section 133 of the Companies Act 2013. The accounts have been prepared under the historic convention and accrual basis.

1.2.1 Incomes

(1) All Incomes are accounted on accrual basis.

(2) Dividend declared within the close of the Accounting year is accounted for in respect of the shares and securities held by the company.

1.2.2 All expenses are accounted on accrual basis.

1.3.1 Depreciation

Depreciation on fixed assets has been charged on Written down Value method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Fixed Assets

The fixed assets at stated at cost of their acquisition less depreciation.

1.5 Taxes on Income

Current Tax is the amount of tax on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax LiabiIity/Asset is recognized subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and/or capable of reversal in one or more subsequent periods.

1.6 Foreign Currency Transactions NIL


Mar 31, 2013

1.1 Method at Accounting

The financial slatemenis have been orspaced with generally accepted accounting principles as weH as Ihe requirements of the Companies Ae1 iM6. The accounts have been prepared under 1he historic convention and accrual basis

1.2.1 Incomes

(1) A1 Incomes are accounted on accrual basis.

(2) Dividend declared witfin Ihe close of Ihe Accounting year js accounted for in respect olthe shares and securities held by the company,

1.2.2 All expenses are accounted on accrual basis

1.3.1 Depreciation

Depreciation on fixed assets has: been chargwl on Written do-Atv Vatu* method at the rates prescribed in Schedule XIV to Hie Companies Ad, 1956

1.4 Fixed Assets

The fixed assets at staled at cos! of their acquisrtJDn less depreciation.

1.5 Taxes on Income

Current Tax is Ihe amount of fax an the taxable income far the year as determined in accordance with the provisions ol the Income Tax Act, 19S1. Deferred Tax Liaailily/Asset is recognized subject to the cOrtsiteration of prudence an timing difference, ''being 1h« difference between taxable income and accounting income thai origmale in one period and/or capable of reversal in one or mere subsequent periods.

1.6 Foreign Currency Transactions NIL


Mar 31, 2012

1.1 Method of Accounting The financial statements have been prepared with generally accepted according principles as well as the requirement of the Companies Act 1956. The accounts have been prepared under the historic convention and accrual basis.

1.2.1 Incomes

(1) All incomes are accounts on accrual basis.

(2) Dividend declared within the close of the Accounting year are accounted for in respect of the shares and securities held by the company.

1.2.2 All expenses are accounted on accrual basis.

1.3.1 Depreciation

Depreciation on fixed assets has been charged on Written Down value method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

1.4 Fixed Assets

The fixed assets at stated at cost of their acquisition less depreciation.

1.5 Taxes on Income

Current Tax is the amount of tax on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax Liability/Asset is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and/or capable or reversal in one or more subsequent periods.

1.6 Foreign Currency Transactions NIL

NOTES TO ACCOUNTS

1.7 Contingent Liabilities

Contingent Liabilities outstanding as on 31.3.2011 are Nil

1.8 Current Assets

In the opinion of the Board of Directors the realizable values of "Current Assets, Loans & Advances" in the ordinary course of business is at least equal to the amount stated in the balance sheet.

1.9 There is no employee in the company who is covered under the provisions of Section 217(2A) of the Companies Act, 1956.


Mar 31, 2010

(a) Method of Accounting

The financial statements have been prepared with generally accepted accounting principles as well as the requirements of the Companies Act 1956. The accounts have been prepared under the historic convention and accrual basis.

(b) Incomes

(1) All Incomes are accounted on accrual basis.

(2) Dividend declared within theclose of the Accounting year are accounted for in respect of the shares and securities held by the company.

(c) All expenses are accounted on accrual basis.

(d) Depreciation

Depreciation on fixed assets has been charged on Written Down Value method at the rates prescribed in Schedule XIV to the Companies Act, 1956.

(e) Fixed Assets

The fixed assets at stated at cost of their acquisition less depreciation.

(f) Taxes on Income

Current Tax is the amount of tax on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Deferred Tax Liability/Asset is recognized subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originate in one period and/or capable of reversal in one or more subsequent periods.

(g) Foreign Currency Transactions NIL

 
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